During his weekly question-and-answer session with employees, Meta CEO Mark Zuckerberg reportedly announced a prospective hiring freeze and a downsized company by 2023.
According to an account published by Bloomberg, Zuckerberg told the tech conglomerate’s staff that the company had not yet recovered from the spiraling economy.
“…so we want to plan somewhat conservatively,” he added.
So, here’s Zuckerberg’s two-step plan for Meta’s future:
- First, a hiring freeze to ensure new hires would not be added to teams without an expected role next year.
- Second, after almost two decades of growth, the company will get smaller by the end of 2023 to recover from its decreasing revenue,
Although somewhat unexpected, experts said that this announcement should not “come as much of a shock” to everyone expecting company updates.
Meta — formerly Facebook — has been in a crisis-solving mode for the past few years. From its hate speech scandal, exposés on how they utilize their users’ data, to limitations on its ad-targeting strategies, the firm is dealing a lot of blows on its operations.
CNBC reported that Meta’s stock over the last year had lost two-thirds of its value due to its slipping profit and revenue.
With all these issues, it is a good idea for the “once-unbeatable” social media platform to reassess its plans and stay on the down-low for a while.